Pensions: Grandparents offering financial lifeline in tough times
'Bank of grandma and dad' bailing out youngsters
Tuesday, 27 May 2008 08:39
Brits are increasingly turning to their grandparents for financial support.
A survey published by Kidstart today shows 64 per cent of grandparents regularly provide financial contributions to their grandchildren whether it be weekly pocket money or helping them get onto the property ladder.
As prices continue to rise, today's survey finds that parents increasingly have to rely on their own parents for financial assistance in looking after their children.
Two thousand parents and grandparents were asked what financial contributions they had made towards their child or grandchild in the last 12 months.
More than one in three, 34 per cent, of the grandparents polled claimed that they regularly bought items of clothing and toys for their grandchildren.
A similar amount said that they provided pocket money, a figure matched by the children's parents.
Almost one in five grandparents said in the survey that they had bought or helped finance their grandchild's first car and one in ten claimed they helped fund their education.
One in ten also said that they had helped their grandchildren get onto the property ladder.
The new research found that children growing up in Lancashire received the most amount of aid from their grandparents, with 82 per cent making regular financial donations. While only 69 per cent of children in the Tyne Tees region received similar support.